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Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these philosophers in relation to current global economic systems.
Adam Smith was the first of the two philosophers to reign on the economic world. Smith rose to prominence with the publishing of two controversial works: The Theory of Moral Sentiments in 1759 and The Wealth of Nations in 1776 (Heilbroner, 1999)...
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